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The Bhubaneswar Municipal Corporation (BMC) has made a significant decision regarding one of the city's oldest market complexes situated in Unit IV. In a move to maximize its assets, the BMC has chosen to e-auction the shops it owns in this prominent public-private partnership project within the city.
The recent order issued by the BMC outlines its plan to e-auction a total of 112 shop rooms or assets that are under its ownership. The auction will encompass 60 units located on the ground floor, 31 shops on the first floor, and six units each on the second, third, and fourth floors. Additionally, the civic body will auction three units in the basement, which are designated for use as go-downs.
BMC's Deputy Commissioner (Market), Ashok Lenka, explained that the decision to e-auction the properties was made after the BMC took possession of its share in the market complex. Lenka emphasized that instead of selling the spaces outright, the BMC intends to rent them out for a period of three years. Notably, the BMC has set relatively low prices for the shops, which may attract potential bidders.
This market complex in Unit IV represents one of the earliest projects undertaken by the BMC through a public-private partnership in 1999. However, the project encountered a series of obstacles from its inception. Initially, the private partner was expected to complete the project within four years, but due to various challenges, it was delayed for nearly two decades.
According to the agreement, the BMC and the private partner were responsible for executing the project in a ratio of 35:65. Interestingly, similar PPP projects initiated around the same period, such as those in Saheed Nagar and Unit II area, were completed on time. In contrast, the market complex in Unit IV faced numerous hurdles during its execution. These challenges included issues related to land acquisition, opposition from local vendors, and difficulties faced by the private partner in obtaining the occupancy certificate from the Bhubaneswar Development Authority (BDA).
Lenka expressed optimism that the problems faced during the execution of the Unit IV market complex have been resolved. With the BMC taking ownership of its share in the complex, the upcoming e-auction presents an opportunity to revitalize the market space. By renting out the shops, the BMC aims to attract new businesses and inject fresh energy into the complex.
The decision to e-auction the BMC-owned shops in this historical market complex marks an important step towards revitalizing the Unit IV area and maximizing the potential of the public-private partnership project. As the auction commences, it is anticipated that interested parties will seize this opportunity to secure a space within one of Bhubaneswar's oldest market complexes, bringing renewed vibrancy to the city's commercial landscape.
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